PD 29 - 30 September 2010 I Hilton Cologne Hotel I Germany Hear From the Experts, Including: Conference Chairs Thomas Harmeyer Regional Manager Libeny International Underwriters The HartfOl·d Aon Jauche & Hübener GmbH Marsh FINPRO Dr. Ihlas GmbH Chubb Insurance VOVGmbH RiskMetrics Group XL Insurance Ltd HCC Global Financial Products Houmoff Buruma White and Williams LLP Deloitte CMS Cameron McKenna v.o.s ACE Insurance GenRe Willis Ltd Swiss RE Travelers Chubb do Brasil Oakbridge Insurance Services Marsh Argentina Bayer AG Noerr LLP Marrey J r. E Quiroga Advogados Marval O'Farrell & Mairal Holman Fenwick Willan LLP Germany Austria & Switzeland HCC Global Financial Products Ed Mrakovcic Vice President Global Casualty Facultative Gen Re Hear from D&O Liability Insurance Industry Leaders in Europe on the Most Important issues: • Is the current market profitable and amactive for insurers? • What are the red flags in financial accounting that D&O insurers should be aware of? • What are me key differences in policy wording and legal framework for UK insurance contracts and German Insurance contracts? • How are insurers dealing with the German D&O mandarory personal deductible? • What are the key considerations for D&O insurers in Poland, Romania and the Czech Republic? • How are F-cubed litigation cases playing out - should Europe be concerned about current trends? European Insurance Parmer: HCC Global Financial Products To register caU +44 (0) 2078786888 or register online at www.C5-0nline.comjDirectors
Transcript
PD 29 - 30 September 2010 I Hilton Cologne Hotel I Germany
Hear From the Experts, Including: Conference Chairs
Thomas Harmeyer Regional Manager
Libeny International Underwriters
The HartfOl·d
Aon Jauche & Hübener GmbH
Marsh FINPRO
Dr. Ihlas GmbH
Chubb Insurance
VOVGmbH
RiskMetrics Group
XL Insurance Ltd
HCC Global Financial Products
Houmoff Buruma
White and Williams LLP
Deloitte
CMS Cameron McKenna v.o.s
ACE Insurance
GenRe
Willis Ltd
Swiss RE
Travelers
Chubb do Brasil
Oakbridge Insurance
Services
Marsh Argentina
Bayer AG
Noerr LLP
Marrey J r. E Quiroga Advogados
Marval O'Farrell & Mairal
Holman Fenwick Willan LLP
Germany Austria & Switzeland HCC Global Financial Products
Ed Mrakovcic Vice President Global Casualty Facultative Gen Re
Hear from D&O Liability Insurance Industry Leaders in Europe on the Most Important issues:
• Is the current market profitable and amactive for insurers?
• What are the red flags in financial accounting that D&O insurers should be aware of?
• What are me key differences in policy wording and legal framework for UK insurance contracts and German Insurance contracts?
• How are insurers dealing with the German D&O mandarory personal deductible?
• What are the key considerations for D&O insurers in Poland, Romania and the Czech Republic?
• How are F-cubed litigation cases playing out - should Europe be concerned about current trends?
~. European Insurance Parmer:
HCC Global Financial Products
To register caU +44 (0) 2078786888 or register online at www.C5-0nline.comjDirectors
hihlas
Hervorheben
"Very good overview 0/ D&O business all around the world." Carola Barren, Underwriter, Munieh RE (Cologne, Oetober 09)
Oay One: Wednesday 29 September 2010
8,30
9,00
9,15
-
o
10,30
11 ,00
Registration and Coffee
Chair's Opening Remarks
Thomas Harmeyer Regional Manager, Germany, Austria & Switzerland, HCC Global Financial Products
The State of the European 0&0 Market: Where is it Now and Where is it Going?
Guillaume Deschamps Svp, D&O Practice Leader for Continental Europe, Marsh FINPRO
Dr. Sven Erichsen Managing Director, Chief Broking Officer Germany, Aon Jauche & Hübener GmbH '
Emmanuel Silvestre Vice President, Underwriting Manager Specialty Casualty, LIU France
Christopher G. Magee Managing Director & CUO, The Hartford
Beatrice Salter Chief Underwriting Officer Continental Europe
, Professional Lines, XL Insurance Ltd
• What were the predictions for the market in 2010 anc;Lwhere-al:e we-now? - - ~
• What are the expectations for 2011 and beyond? • The competitive impact of new entrants into the market
offering: side A coverage; full and broader coverage • Is the market profitable and attractive for insurers? • Have coverage limits been exhausted? • Is there a need for more capacity in this market?
- is the new capacity unproven and unchecked? • Are competition and capacity still driving rates down?
- to what extent and in which sectors • How is the D&O insurance market developing in
different countries across Europe? - new extensions or new restrictions of cover? - coverage efficiency: the good and the bad ideas?
• How does coverage and pricing compare across Europe? • Examining the effects of weaker economies on the larger
D&O market • Predictions for the next hard market
- what should we not expect? what needs to be done to reduce the impact of a hard market on terms and conditions?
Morning Refreshments
The Impact of the Mandatory Deductible on German D&O Insurers
Diederik Sutorius CEO, VOV GmbH
Dr. Thomas Wax Partner and Member of the Management Board Dr. Ihlas GmbH
12,00
12.45
14,00
Bijan Daftari CSI Manager Central and Eastern Europe Chubb Insurance
• How is § 93 [2J s.3 AktG (German Stock Companies Act) working?
• Clarifying what is clearlunclear about the law • Is the mandatory deductible applicable only for claims
within Sec.93 or does it apply to defence costs as well? • What new products are various carriers in Germany
offering to cover the deductible? • How are insureds responding? • How are insurers pricing deductible insurance? • Will the individual limit be aggregated with the limit
of the D&O policy of the company? • How to incorporate rhis into global policies - management
of capacity when writing a master programme and where there are a number of German directors - balancing this with global capacity
• 1dentifying the pitfalls in providing this cover - accumulation/aggregation issues
• Is it better to have the same terms and conditions and the same insurer for both the deductible insurance and the D&O insurance of the company?
• Recommended deductible insurance wording from Federal 1nsurance Association
• The impact of the deductible according to the Corporate Governance Codex
Red Flags in Financial Reports: What are the Early Warning Signs that 0&0 Underwriters Should be Aware of?
• Key indicators that signal trouble in financial repons when examining the health of a company?
• The imponance of good governance practices: what are the key components to look at? - does the organization have clear, realistic and
measurable objectives? - is the organization transparent in its communications
and reponing? - does the organization have sound risk management
and internal control systems? - does the organization employ professional internal
auditors, supponed by an adequate audit committee? • Spotting the early warning signs - what questions should
underwriters be asking? • Considerations for underwriters when analyzing SME's • Recent examples of when has financial analysis gone
wrong: lessons to be learned
Networking Lunch
Current Concerns for Risk Managers and Insurance Buyers: What Solutions are Expected from the Insurers?
Gregor Köhler Director & Insurance Manager, Bayer AG
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In this session get a risk managers'perspective on the key challenges and concerns ofinsurance buyers in the current market and how they expect insurers to respond. Issues to be covered include:
• How sustainable are current market capacities and pricing? • What is the criteria used by insurers when setting a limit
on a D&O policy? • How can insurance buyers agree long term insurance
contracts with their insurers?
14.30 Why European Directors of US Companies Should Worry About Their Exposure to US Class Action Claims
Kevin LaCroix Partner, Oakbridge Insurance Services
Adam Savett Director of Securities Class Action Services RiskMetrics Group
Maurice Pesso Partner, White & Williams LLP
• Exposure of non-US company directors to US claims • Why Europe should worry about US D&O litigation
trends • Recent securities class action settlements involving
non-US companies • Understanding the F-Cubed problem for US courts:
- What are the latest developments with F-Cubed litigation in the U S?
- F-Cubed litigation outcomes - how are these cases playing out?
- National Australia Bank - what are the ramifications for D&O liability?
- Legislating F-Cubed Jurisdiction - Additional hurdles: lead plaintiff and class certification
• Chan ces of success: Will US courts exercise subject matter jurisdiction over F-Cubed Plaintiffs?
• Volume of probable claims • Managing exposure to US jurisdiction
- hints on underwriting issues when it comes to underwriting US risks
15.30 Afternoon Refreshments
15.45 D&O Risks and Opportunities in Poland, Romania and the Czech Republic
Francesco Dal Piaz Regional Manager, Southem & Eastem Europe, HCC Global Financial Products
Eduard Simionescu Financial and Professional Services (FINPRO) Practice leader, Marsh, Romania*
Tomas MatejovskJ Senior Associate, CMS Cameron McKenna v.o.s.
• What are the risks facing insurers in these regions?
Poland • Problems surrounding taxation of D&O policies
as "benefits in kind"
• Recent legislation on claims in group proceedings • What is the effect on D&O policies?
• What is the effect on the purchasing decisions of Directors and Officers?
• What are the risk factors for insurers?
Romania • What is D&O's liability under Romanian corporate law? • How is the law enforcing mandatory D&O cover
working in practice? • Are administrators required to have D&O cover
or professional indemnity insurance under the law? • How are companies getting around the law?
Czech Republic • Recent developments in D&O Liability and changing
attitudes in the market • Is there an increased demand for D&O policies? • Tax issues arising from D&O policies - taxation of
D&O policies as benefits in kind • Will D&O policies become obligatory?
16.30 What Types of Financiallnstitution Insurance Claims are Being Made?
Alastair Bums Banks/D&O Claims Manager, ACE
• What claims and notifications are insurers facing? • Who is bringing these claims and on what basis? • Is there a difference from country to country? • What coverage issues are developing from the claims? • How do these impact the different coverages available? • What are the key issues from a claims handling
perspective? • What has been the impact of the Ponzi Schemes
(Madoff, Stanford and others) on Fll? • Recent claims experience - what lessons can
underwriters learn? • What does the future hold?
17:15 Chair's Closing Remarks and End of Day One
8.30
9.00
9.15
Day Two: Thursday 30 September 2010
Coffee
Chair's Opening Remarks
Ed Mrakovcic Vice President, Global Casualty Facultative, Gen Re
European Trends in Claims, Settlements and Litigation
David Purdy Executive Director FINEX, Willis Ltd
Moya Stevenson Director, Claims & Liabilities, Swiss Re
Hans Londonck Sluijk Partner, Houthoff Buruma
• Current developments in D&O claims in Europe? - increased exposure of non-executive directorsl
supervisory board members - the impact of increasing insolvency related claims
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"Good spotting 0/ trends, interesting market insights .. " Thomas Mannsdorfer, Senior Legal Associate/Transactional Risk Underwriter, HCC Global (London, March 10)
• What are the loss trends? • Assessing the impact of key recent European cases
Deutsche Bank - Bayerischelandesbank - Fortis
• What are the consequences of significant claim settlements in Germany and Austria? - Siemens case - Hyporealestate case
• Exposure for defence costs in administrative or criminal investigations
• Analyzing developments in c1ass actions and group actions in Europe
10.30 Morning Refreshments
11.00 Comparing UK Insurance Contracts to German Contracts
Dr. Oliver Sieg Partner, Noerr LLP
Elliot Flies Managing Counsel, Travelers
• What are the key differences in wording between UK and German D&O contracts?
legal basis for D&O liability - a UKlGerman companson cOl-porate indemnification and statutory liability defence costs market-driven coverage differences
• H ow teliableisflle lega l frameworldor the-drafttng of policies? - german Insurance Contract Act
contract certainty and other relevant UK legal authorities what about freedom of services policies?
• How difficult is it to export new English c1auses to German contracts?
why is it hazardous to simply translate a policy concept and exchange the governing law provision?
- corporate manslaughter, shadow directors and unique UK coverage needs
- supervisory boards , reputation costs and unique German coverage needs
- reseission, severability and termination • What regulatory provisions do policy wordings need
to comply with?
12.00 Impact of the Financial Crisis on Greece, Portugal and Spain - What are the Problems Facing D&O Insurers?
Lorena Segovia HCC Global Financial Products (Spain & Portugal)
Costas Frangeskides Partner, Holman Fenwick Will an LLP
• How has the underwriting landscape changed? • What is happening to companies in countries where
sovereign rating falls? • What are the D&O claims trends and how do these
compare or differ from other countries in Europe?
• What are the issues policyholders need to consider or be aware of?
• What are the issues insurers and reinsurers need to be aware of?
12:45 Lunch
14.00 Brazil and Argentina: The Market, the Exposure and the Opportunities
Leandro Martinez Speciality Lines and Surety Manager for Brazilian Operation, Chubb do Brasil
Marcelo Mansur Haddad Partner, Mattos Filho, Veiga Filho, Marrey J r. e Quiroga Advogados (Brazil)
Alejandro Guerrero COO for Argentina and Latin America & Caribbean Regional Leader for Financial and Professional Lines, Marsh FINPRO
Marttn D. Manzano Cornejo Partner, Marval, O'Farrell & Mairal (Argentina)
• What are the general market conditions in Brazil and Argentina?
• Who buys D&O there? Who are the main players in these markets?
• What are the differences between the pure domestic markets and the multinational markets?
• Multinational programmes - how do local policies tie in withEumpean masteLpolicies?
• Key features of local coverage in Brazil and Argentina • What are the main exposures to liability? • Climate for claims - what types of claims are being
brought in Brazil and Argentina? • What Opportunities are available for insurers? • Are insurers delaying in providing cover because
of perceived risks? • What is the legal environment in these regions? • What is the level and quality of corporate governance?
15.15 Afternoon Refreshments
15.30 The Liability of Directors and Officers in the Context of Insolvency
Dr. Thomas Heitzer Partner, Noerr LLP
• lvIIiability claims initiated by insolvency administrators • Specific responsibilty of supervisory board members • Losses suffered by creditors of the insolvent company • Claims brought by tax and social security authorities • Criminalliability in the context of insolvency and
influence on civilliability • The German perspective and other European laws
16.15 Chai r' s Closi ng Remarks and End of Conference
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WHO SHOULD ATTEND
• D&ü underwriters
• Claims managers
• Brokers
• Reinsurers
• Insurance buyers, risk management and compliance personnel
• In-house lawyers
• Insurancelreinsurance lawyers in private practice
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